The contribution of time to the encoding of information by the nervous system is still controversial. The olfactory system is one of the standard preparations where this issue is empirically investigated. For instance, output neurons of the antennal lobe or the olfactory bulb display odor stimulus induced temporal modulations of their firing rate at a scale of hundreds of milliseconds. The role of these temporal patterns in the encoding of odor stimuli, however, is not yet known. Here, we use optical imaging of the projection neurons of the moth antennal lobe to address this question. First, we present a biophysically derived model that provides an accurate description of the calcium response of projection neurons. On the basis of this model, we subsequently show that the calcium response of the projection neurons displays a stimulus specific temporal structure. Finally, we demonstrate that an encoding scheme that includes this temporal information boosts classification performance by 60% as compared to a purely spatial encoding. Although the putative role of combinatorial spatio-temporal encoding strategies has been the subject of debate, our results for the first time establish quantitatively that such an encoding strategy is used by the insect brain.